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Thread: $200 million development in Bricktown?

  1. #76

    Default Re: $200 million development in Bricktown?

    The latest from the DOK:

    Oklahoma RedHawks owners Bob Funk and Scott Pruitt will have to bid against other potential buyers for a city-owned parking lot in Bricktown.

    Funk and Pruitt, who have a long-term lease for the lot, have spent months in negotiations with the city over their desire to develop the property into a mix of housing, retail and lodging.

    Oklahoma City Council members are set today to vote on solicitation of bids and set a minimum bid price. Similar properties in Bricktown have sold at $3 million and higher.

    Funk and Pruitt declined to comment Monday

  2. Default Re: $200 million development in Bricktown?

    It sounds like the city is actually selling the property instead of a doing a public-private development.

  3. #78

    Default Re: $200 million development in Bricktown?

    I think that's a good thing. I dont like the idea of the city still owning it. There are always pro's and cons.

    I just want to see those old metal building come down and the drawings that were posted on here go up.

  4. #79

    Default Re: $200 million development in Bricktown?

    I heard Wal-Mart wants to buy property in the eastern side of Bricktown, but they are waiting to see what happens with the McDonalds proposal first.

    Just a rumor though.

  5. #80

    Default Re: $200 million development in Bricktown?

    Ugh. No Walmart in Bricktown. That's a disgusting thought. Why wouldn't Funk that this opportunity to purchase the land outright, since he seems to want to develop it? I'm hoping the city will use the proceeds from the sale to purchase the Post Office property on SW 5th. That land we need to extend the Myriad Gardens.

  6. #81

    Default Re: $200 million development in Bricktown?

    A wal-mart wouldn't surprise me. It goes well with Bass Pro and we're their favorite market. At one point I held out hope that Bricktown's urban nature and character would be expanded to the undeveloped areas, but I just don't think city leaders and developers see it the same way.

  7. Default Re: $200 million development in Bricktown?

    If and only if it was a true urban walmart i.e. multiple stories with a parking garage.

  8. #83

    Default Re: $200 million development in Bricktown?

    the mere thought of walmart in bricktown makes me want to throw up. excuse me...

  9. Default Re: $200 million development in Bricktown?

    As much as we all hate WalMart, a well-designed store would be beneficial to a TRUE urban neighborhood.

  10. #85

    Default Re: $200 million development in Bricktown?

    But there are other places that would be better than next to the Redhawks stadium and on Reno. The Triangle district has plenty of land that would actually be improved by almost anything, and an urban style Wal-mart is not as horrifying an idea there, especially since there will be a bigger volume of residential housing in that area. Land on the fringes of the Core to Shore area would be feasible too, if we have to have one. I'd far, far, far rather see a Target than Wal-mart and neither on Reno.

  11. Default Re: $200 million development in Bricktown?

    I'm not saying in Bricktown. Just addressing the Walmart issue. Kinda off topic.

  12. #87

    Default Re: $200 million development in Bricktown?

    No one steps to plate to bid on city land

    By Steve Lackmeyer
    Business Writer

    Oklahoma City received no takers Tuesday on its request for development bids for a public parking lot just east of the AT&T Bricktown Ballpark.
    The lot at Joe Carter and Reno avenues was pursued for more than two years by Oklahoma RedHawks owners Bob Funk and Scott Pruitt, who had proposed a $200 million mixed-use development for the property.

    Pruitt said the city's process rather than an $8.53 million minimum bid led to his decision not to pursue the project further.

    "The parameters of the bidding process have made it difficult for any sincere, qualified party to submit a bid to purchase the necessary property,” Pruitt said. "The RedHawks still have close to 17 years left on our lease of the property. So given our limited options, we will continue to pursue its best use for the enjoyment of Bricktown patrons.”

    Funk and Pruitt were the only ones to ever publicly reveal an interest in the property. Their proposal was for a mixed-use town center valued at up to $200 million that would have included structured parking, retail, housing and a hotel.

    The pair originally asked the city to consider that they already had a lease on the property and to sell the land without putting it out to bid.

    Mayor Mick Cornett said he wasn't surprised by the lack of response. He noted the city never sought to develop the lot, but that the city was simply responding to the interest expressed by Funk and Pruitt.

    "This might show that the time isn't right to develop it,” Cornett said.

    Assistant City Manager Cathy O'Connor said city staff will spend the next few days analyzing what steps, if any, should be taken next.

    "It really is up to city council as to how they want to proceed,” O'Connor said. "The mayor and council were very concerned that there be a fair and open process and that there be a fair value for that property.”

  13. Default Re: $200 million development in Bricktown?

    OKC should realize that when it gets a jewel of a project like Pruitt's that they should not hold it up with a two year long bid process. This is ridiculous, hopefully they learned a lesson.

    I imagine the city did this extremely long bid process because they realize the mistakes they have done dealing with Hogan and Bass Pro (essentially giving them the land for those), but come on - you had a world class design with local people intent on making it happen. What did we do?

    The city drug them into and out of the water, and all of the ink has washed off and now nobody bid on the land.

    Hopefully, perhaps cooler heads can convince Pruitt and Funk to reconsider and build OR maybe somebody else will come in with something even Bigger/Better.

    It's a two edge sword, but it seems that the city is very eager to get developments like Hogans (no bid process, giving him land, very subpar developments) while at the same time scuffing at urban progressive developments like Funk, factory, so on (lengthy bid process, red tape that has a negative effect).

    Why can't this be the other way around? Why couldn't the city give away the Lower Bricktown land to somebody like Funk, who would build an urban development (not a cookie ccutter suburban subpar village that we see today there....).

    i hope the city learned a valuable lesson that you can't act so high and mighty when somebody comes forth with a tremendous investment that would have been urban, progressive, and definitely big time. These are the projects that should be expedited not shunned!
    Oklahoma City, the RENAISSANCE CITY!

  14. #89

    Default Re: $200 million development in Bricktown?

    No kidding. I'm all for scrutiny, however make it a stipulation that by giving them the land, they have to build within whatever standards within a reasonable amount of time instead of like Hogan where he was GIVEN prime land with no time frame to build subpar suburban crap. If the developer doesn't build a development that meets quality minimum standards, than the city should have the right to pull ownership out from them.

  15. #90

    Default Re: $200 million development in Bricktown?

    Don't forget Hogan was promising to build a better version of LoDo, which is in Denver. I think the Funk proposal was similar to the proposal that Hogan gave the city, only this time Okc isn't buying it. Funk was throwing out names like Whole foods, Crate Barrell and a Ritz Carlton.

    I could see it now, once Funk had the property he would then say oops, I can't get any of those to sign a lease, but here is a Wal-Mart and Home Depot.

  16. Default Re: $200 million development in Bricktown?

    We can't scoff at every proposal and just ASSUME that they can't pull it off a la Hogan.

    It's just a matter of holding the developer to it and in a reasonable time frame. Hogan got no time limit and no oversight over what he built. I don't personally remember ever seeing so much as a rendering from him in the early stages. With Funk presenting a rendering it can be assumed he has preliminary designs that he can be held to.

  17. #92

    Default Re: $200 million development in Bricktown?

    As was documented by Steve Lackmeyer, the mayor and city manager have a strong distrust of Funk due to previous dealings.

    I never thought their proposal was legitimate anyway... Using the press to make a fuss when they didn't get their way and throwing out names that we've all heard before from developers.

    I got the strong impression -- and it's obvious key city leaders felt the same way -- Funk was trying to leverage his land lease into a sweetheart deal. Spending $8 million for land when you SAY you are going to invest $200 million is a drop in the bucket, yet when it was time to open their pocketbooks they do nothing.

    If he really believes in this idea, there are plenty of other properties in and around Bricktown. Plus, perhaps he can go back to the city and ask them to take a little less since there were no other bidders.

  18. Default Re: $200 million development in Bricktown?

    Yeah, but the city put him through the wringer for 2 years on this - which is unacceptable considering what the project would have done for Bricktown.

    I think the city could have at least reviewed the proposal and financials - and use that to make their decision, instead of waiting so long then putting the land up to bid.

    Looks like the city got burned on this and it might have a lasting effect on the value of land in Bricktown. What a pitty!
    Oklahoma City, the RENAISSANCE CITY!

  19. #94

    Default Re: $200 million development in Bricktown?

    [QUOTE=MalibuSooner;119730]As was documented by Steve Lackmeyer, the mayor and city manager have a strong distrust of Funk due to previous dealings.

    I never thought their proposal was legitimate anyway... Using the press to make a fuss when they didn't get their way and throwing out names that we've all heard before from developers.

    I got the strong impression -- and it's obvious key city leaders felt the same way -- Funk was trying to leverage his land lease into a sweetheart deal. Spending $8 million for land when you SAY you are going to invest $200 million is a drop in the bucket, yet when it was time to open their pocketbooks they do nothing.

    If he really believes in this idea, there are plenty of other properties in and around Bricktown. Plus, perhaps he can go back to the city and ask them to take a little less since there were no other bidders. [QUOTE]

    Actually there were no bidders period. Funk and Pruitt were the only ones to express publicly interest in the property. I'm sure for the right price, there would be more interested parties, public or not. Now it just seems like it was a publicity stunt from Funk and Co. If the city does another round of bidding seeking a lower minimum bid, we may see more interested parties come out of the woodwork, just like it took 3 rounds of bidding for the old downtown library.

  20. #95

    Default Re: $200 million development in Bricktown?

    IMO the developers and the city both had better realize the money they want for property in BT is inflated and start looking at some reasonable prices before it is to late. Once C2S is under way and Midtown keeps rolling the way it is BT is going to be an afterthought. Seriously look at the most recent "exciting" developments they have all happened in Midtown. Red Prime, 1492 and many others are just now happening and they are happening in Midtown for 2 main reasons. 1 parking is not a conceived problem there and 2 the prices for rent and or purchase are comparable with the market.

  21. #96

    Default Re: $200 million development in Bricktown?

    There is an inherent problem with a city selling a big piece of prime property to a developer.

    As much as we all want to see the municipality place tough restrictions and hold developers accountable, they really have to trust their private partners. No developer can just go out and build some big project until they have anchor tenants and what if that doesn't go well? And even then, banks will only loan in phases and won't release funds until the previous phase is substantially leased.

    A developer can set out the most grandiose plans in the world but in the end no one can force them to build it if they don't bring in the tenants and/or buyers or can't get the thing financed.

    Now, you certainly can stipulate design parameters and mandate a certain density, but in the end you'd better really trust the developer you choose because once they control the property, you pretty much leave it up to them to market and build it.

    You can always take the land back if they don't fully perform but then you've got a failed project on your hands which is that much harder to hold or sell.


    There were obviously reasons the city drug their feet on this deal. Mayor Mick and everyone else are clearly pro-growth and the city has lots of aggressive plans that can only be accomplished with a lot of help from the private sector.

    So to me, the city's actions in this situation speak pretty loudly and the total inaction -- despite making a lot of noise in the press -- speak loudly for Funk as well.
    Last edited by Pete; 11-17-2007 at 10:03 PM.

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